The pair has been relaxing right below the median line for hours...and we all can guess the fundamental reasons behind this scene : Greece and the future of the EUR Zone...
If we apply market geometry to the price movements we can see that the price is moving in a descending green picthfork (in the picture) and it has not fulfilled its passion and desire to reach the lower median line ..If we accept the width of the whole picthfork as 2x then we can say that the price succeded to go %75 x distance from the central median line.Under the light of these data we can start making predictions :
a) The price will drop down to the lower median line (something like 1,2150)
b) The price will drop down to %75x level again (something like 1,2300)
c) The price will break up the central median line and start its journey towards the upper median line...but will not have the power to reach %100x...it will stop at %75x far above from the central median line (something like 1,2850)
To sum up...there are three kind of predictions in this pair...2 of them are bearish and one of them is bullish...And to detect the target we shud use the distance between the median line and the last LOW of the last swing...we shud measure it (the yellow lines in the picture) and then we shud replace it above the central median line in order to detect possible targets....
For now it is essential to keep SHORT with a tight SL above the central median line.And a pending BUY STOP above the central median line will do great in case of a breakout...
Regards....
If we apply market geometry to the price movements we can see that the price is moving in a descending green picthfork (in the picture) and it has not fulfilled its passion and desire to reach the lower median line ..If we accept the width of the whole picthfork as 2x then we can say that the price succeded to go %75 x distance from the central median line.Under the light of these data we can start making predictions :
a) The price will drop down to the lower median line (something like 1,2150)
b) The price will drop down to %75x level again (something like 1,2300)
c) The price will break up the central median line and start its journey towards the upper median line...but will not have the power to reach %100x...it will stop at %75x far above from the central median line (something like 1,2850)
To sum up...there are three kind of predictions in this pair...2 of them are bearish and one of them is bullish...And to detect the target we shud use the distance between the median line and the last LOW of the last swing...we shud measure it (the yellow lines in the picture) and then we shud replace it above the central median line in order to detect possible targets....
For now it is essential to keep SHORT with a tight SL above the central median line.And a pending BUY STOP above the central median line will do great in case of a breakout...
Regards....
Imagination rules the world ...